E-Trikes Market - New Actionable Insights 2023 by UnivDatos Market Insights

 Introduction

E-trikes have become one of the key modes of transportation in India, rapidly replacing conventional engine three-wheelers. India, being a fast developing economy and experiencing a rapid shift in urban populace with unprecedented migration, has extensively required change in transportation means. In order to revolutionize the mode of commute as well as reduce the pollution to a noticeable extent.

E-Trikes have majorly embarked on their presence in the commercial category as opposed to personal use due to higher applicability in short-distance travel for passengers. These commercial e-trikes have also improved their range and reduced charging time, further propagating their demand among buyers in developing economies such as China and India.

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The Traditional Mobility Scenario

Conventional modes of urban transport have been gasoline and diesel, two-three and four-wheelers that guzzle out a high volume of carbon dioxide into the atmosphere, further worsening the impacts of climate change. To cope with this, many of government and private sector initiatives took place, such as offering tax benefits and providing subsidies to the existing brands and manufacturers in the e-trikes industry to smoothen the transition from conventional three-wheelers to electric counterparts. However, the transition of conventional three-wheelers also shifted towards Compressed Natural Gas (CNG) based three-wheelers. Electric three-wheelers have also significantly marked their presence by translating into new sales demand in developing countries.

The Rise of E-Trikes

E-Trikes highly benefitted due to cultural acceptance of three-wheelers in Asian countries where it is seen as a common mode of transportation. Earlier, the cost difference between the conventional and electric three-wheelers favored the former; however, with the government subsidies and industry research improving on the reduction of the cost of batteries, the inclination of the buyers tilted towards e-trikes.

Key Trends in E-Trikes

E-Trikes have been one of the major beneficiaries of upcoming advancements in powertrain and battery technology. With the massive changes being adopted by the key e-trikes manufacturers to offer fast charging, enhanced range, powerful motors, enhanced safety features for better stability and control, etc., the adoption, as well as cost to benefit, has significantly assisted in its market expansion.

Additionally, a shift from lead acid to lithium-ion batteries has also been observed in sizeable growth across the country. With the improved range and higher lifecycle for lithium-ion batteries as compared to lead-acid batteries, buyers are opting for one-time upfront costs in order to minimize long-term operational costs.

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Battery Efficiency in E-Trikes

India has been a dominant market for the adoption of e-trikes with its vast commercial usage. Additionally, the major concerns among the buyers have been the charging time and effective range of passenger three-wheelers. Irrespective of the higher upfront cost of lithium-ion batteries, the longer lifecycle as well as the high peak current provided, has made the lithium-ion batteries more suitable for commercial vehicles. Another key factor is the fast charging time of lithium-ion batteries 3-4 hours, as compared to 8-9 hours in lead-acid batteries, which has again reduced the downtime of the e-trikes and made it a lucrative choice over lead-acid alternatives.

 

Sustainability

E-Trikes, due to zero emission from the tailpipe, effectively emerged as a competent choice. The air pollution in major urban centers of the countries has been caused due to the carbon emissions by transportation. According to the Transport sector as per Bureau of Energy Efficiency India, the transport sector accounts for 18% of the overall energy demand in the country. This is around 94 million tons of oil equivalent, of which electric vehicles hold a considerable portion of the overall sales of transportation vehicles. Furthermore, the cost of electricity generation in India is majorly dependent on the conventional methods, which also increase cost as well as induce air pollution. All of these thresholds place electric charging relatively on the higher side in the Indian context, which impacts the adoption of e-trikes in India.

However, with India’s plans to increase its renewable electricity generation capacity to 500 GW by 2030, the electric vehicle integration in the country would extensively grow, comprehensively assisting the overall electric vehicles and electric-trikes market.

E-Trikes, with the increasing range, low carbon emission, and sustainability, have ushered in a new era of Mobility in India. According to the UnivDatos Market Insights analysis, the demand for sustainable transportation will drive the global scenario of E-Trikes and as per their “Global E-Trikes market” report, the global market was pegged at 0.59 million units in 2022, growing at a CAGR of 14.58% during the forecast period from 2023 - 2030 to reach approximate 2 million units by 2030.